National Bank (PNB) fraud is a matter of great worry for one and all. PNB told the stock exchange that $ 1.8 billion or over Rs. 11,000 crore had been illegally transferred abroad to select customers from a single branch in Mumbai. “Fraudulent and unauthorized transactions” amounting to around Rs. 11,360 crore benefited “a few select account holders”.
Billionaire jewellery designer Nirav Modi had left the country on January 1 much before the CBI received a complaint from Punjab National Bank on January 29 about a Rs 280 crore fraud, officials said.
His brother Nishal, a Belgian citizen, also left the country on January 1, while wife Ami, a US citizen, and business partner Mehul Choksi, the Indian promoter of Gitanjali jewellery chain, departed on January 6, the officials said.
It is further learnt that at least three more Indian banks – two from the public sector and one private – are likely to have been caught in the Rs 11,000-crore fraud that hit the Punjab National Bank (PNB) on Wednesday. Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of understanding issued by PNB.
With already many voices stating that Banking sector is in trouble the latest PNB Fraud is a matter of great concern.